Скачать или смотреть Record Keeping 101: Why keep your records & for how long?

Does your business have a retention policy for keeping your records? Do you know what questions need to be asked prior to disposing of records? A strong document retention policy ensures you've got a solid historical perspective on your business. But it also means peace of mind for resolving potential future IRS audits. #recordkeeping #IRSaudits

According to the IRS guidelines, here are the Period of Limitations that apply to income tax returns:
1. Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
2. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later if you file a claim for credit or refund after you file your return.
3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
4. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
5. Keep records indefinitely if you do not file a return.
6. Keep records indefinitely if you file a fraudulent return.
7. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

Being “audit-proof” is a piece of mind that you get when you work with an accounting professional. However, even your CPA is only as good as the information you provide. While filing your taxes properly is (of course) a precursor to avoiding an audit, there are many things that happen between when transactions occur and when they are actually included in your taxes that can impact your odds of getting an audit. To learn more about audit-proofing your business, please check out this post: https://www.365bookspro.com/what-does... #auditproof

Our team of PROs guides business owners in a broad range of industries from small auto shop owners to large government contractors. Our PROs work hard to make your accounts healthy and guide your business to strong profits. This way you can spend more time developing your business or enjoying well-deserved time off relaxing at home or doing what you love. #proaccounting

365BOOKSPRO is much more than an accounting and bookkeeping firm located in the DC, Maryland, and Virginia region. We aim to help business owners develop superior financial strategies so that they can achieve greater financial prosperity. Check out our site at www.365bookspro.com #365bookspro

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